Mumbai, April 14: Joining the rate-cut bandwagon, ICICI Bank and Axis Bank today slashed their home loan rates by up to 0.25 per cent.

The move follows rate cuts initiated by leading players the State Bank of India and HDFC in the past few days.

ICICI Bank, the country's largest private sector lender, lowered interest rates for women borrowers and financially weaker sections to 9.85 per cent, while for others it was cut to 9.90 per cent. The SBI is also offering similar home loan rates, effective April 13.

Axis Bank, the third largest private sector lender, reduced the rate on home loans by 0.20 per cent to 9.95 per cent on a par with its base rate effective today.

HDFC had recently announced a 20 basis point reduction in its retail prime lending rate that brought down interest rate on home loans to 9.9 per cent.

The State Bank soon followed by announcing an interest rate of 9.85 per cent on new loans made to woman borrowers and 9.90 per cent to others.

Not to be outdone, ICICI Bank today said it has brought down home loan rates by 25 basis points for all existing and new customers.

The lender added that the revised rate will be effective from April 14 for new borrowers.

The rate for fixed rate home loans have also been reduced.

"The borrowers taking fixed rate home loans with a tenure of 10 years for a loan amount up to Rs 30 lakh will have to pay 9.90 per cent, the same effective interest rate applicable for floating rate home loans," ICICI Bank said.

Effective April 10, the new base rate or the minimum lending rate is 9.75 per cent.

Axis Bank said in a statement: "The bank has also introduced a single slab applicable for all salaried customers irrespective of the loan amount. The bank has accordingly aligned the pricing for new borrowers."

More follow suit

Two mortgage lenders DHFL and Indiabulls Housing Finance also cut rates.

DHFL lowered its home loan rate by 0.25 per cent, while Indiabulls Housing Finance reduced its home loan rate by 0.20 per cent to 9.90 per cent.